- Atlas Salt (SALT) has signed new agreement with Triple Point Resources
- The definitive arrangement agreement relates to the spin-out of the its Fischell’s Brook Salt Dome Property. It also covers related mineral licenses covering 226 square kilometres
- All related property is located in southwest Newfoundland
- Triple Point has applied to list its common shares on the CSE following completion of the arrangement
- Atlas Salt is unchanged, trading at $3.04 at 3:58 pm ET
Atlas Salt (SALT) has signed a new agreement with Triple Point Resources.
The definitive arrangement agreement relates to the spin-out of its Fischell’s Brook Salt Dome Property. It also covers related mineral licenses covering 226 square kilometres.
All related property is located in southwest Newfoundland.
The company will distribute 23.75 million common shares of Triple Point to the shareholders on a pro-rata basis.
Atlas Salt will retain a significant ownership position in Triple Point following the share distribution.
Triple Point has applied to list its common shares on the CSE following completion of the arrangement.
Closing of the transaction remains subject to a number of conditions.
Atlas Salt owns 100-percent of the Great Atlantic salt deposit located in western Newfoundland in the middle of the robust eastern North America road salt market.
The project features a large homogeneous high-grade resource.
Atlas Salt also owns the Fischell’s Brook salt dome and other mineral licenses in western Newfoundland, forming the proposed spin-out of Triple Point Resources.
Atlas Salt is unchanged, trading at $3.04 at 3:58 pm ET.